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Symantec To Buy Veritas: May Announce Deal "As Early as This Week"

Symantec May Beat Oracle's $10.3 Billion Deal With $13 Billion Acquisition of Veritas

Symantec is close to buying Veritas - for more than $13 billion.

According to the New York Times this morning, negotiations between security giant Symantec and backup/storage giant Veritas that have lasted for more than a month are almost complete.

If successful, they would lead to "the announcement of a possible deal as early as this week," says the paper.

The NYT cited "executives close to the negotiations" as their source.

With 40% of the market for backup and archiving software, Veritas would bring Symantec just what it needs to round out its Norton line of security and maintenance products and turn the combined product lines into a one-stop computer software shop that would rival all-comers.

Veritas revenues last year were $1.75 billion, and its market cap is $10.6 billion.

More Stories By Jeremy Geelan

Jeremy Geelan is Chairman & CEO of the 21st Century Internet Group, Inc. and an Executive Academy Member of the International Academy of Digital Arts & Sciences. Formerly he was President & COO at Cloud Expo, Inc. and Conference Chair of the worldwide Cloud Expo series. He appears regularly at conferences and trade shows, speaking to technology audiences across six continents. You can follow him on twitter: @jg21.

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Most Recent Comments
Slow Down... 12/14/04 09:50:04 AM EST

Give Veritas some time to respond to this offer. Its only 7:10 in California this morning and they are just getting ready for their first cup of coffee. I suspect there will be many more developments in the next several days.

frankyu4 12/14/04 09:26:27 AM EST

>>>The Board of Directors of Veritas has not responded as of yet. I will be interested as to what their response is.<<<

They knew of the deal before...

"The two Silicon Valley-based companies have been discussing a deal for more than a month with an official announcement possible as early as this week, The New York Times reported Tuesday.... "

minesweeper385 12/14/04 09:24:55 AM EST

The Board of Directors of Veritas has not responded as of yet. I will be interested as to what their response is.

tiny_vrts_long 12/14/04 09:23:11 AM EST

New York Times: "All we have at this point are rumors from various sources wire services, etc."

... all of which appear to follow the NYT line, so perhaps we have a single source. How reliable is the NYT historically?

Take It Easy Guys 12/14/04 08:47:33 AM EST

a month of talks is nothing - deals like this collapse all the time